How To Trade Stocks With PayPal
Do you believe it is impossible to use PayPal when buying stocks? If you do, then we have some news for you. It is actually quite easy and convenient, at least if you use one of our favourite brokers. If you are interested in why it is so easy contrary to what you might have heard, you can continue to read this article. On the other hand, if you want to skip all the fluff on how to trade with PayPal and just jump into it, you can click on one of the links below and follow the steps on the screen.
The Best PayPal Supported Stock Trading Platforms In Australia 2019
- Markets.com – Go to Markets.com
- Avatrade – Go to Avatrade
- IronFX – Go to IronFX
- Plus500 – Go to Plus500
- Etoro – Go to Etoro – AFSL 491139. High risk to capital.
Our Favorite Stock Trading Platforms – TOP 5
Why Do People Believe It Is Difficult To Trade Stocks With PayPal?
Let us start by correcting the common misconception it might be somewhere between difficult to nigh on impossible to trade stocks by using PayPal. The reason for this misconception is that a majority of people associate trade on the stock market with stockbrokers, overlooking the vast potential of using Forex brokers. Traditional stockbrokers have difficulties accepting nontraditional deposit methods because of the extreme level of regulatory requirements on them. These regulations are not bad, on the contrary, they are extremely good, but it might lead to unnecessary headaches for the common man. This is where the Forex brokers come in the picture, they have a bit more wiggle room the be able to offer their users a larger range of options compared to traditional stockbrokers. If you also use ASIC regulated brokers, which should not be a question, you will not have to worry about getting scammed either.
The Best Benefits Of Using PayPal To Trade Stocks
It is possible that you have stumbled upon this page about trading stocks with PayPal without any knowledge of the potential benefits of using this method. If you see yourself in this description then this list is for you.
One of the key benefits of depositing money with PayPal as opposed to other methods is the convenience of it. You are able to skip the hassle of typing in every number on your card while always feeling like you missed a number, that is if the broker even supports your card, which is not guaranteed if you are using a smaller card provider. PayPal might also have a higher transaction limit than your bank, a problem for many dedicated traders if they use other methods.
Hand in hand with the convenience of using PayPal is also the speed at which you can use their service. If you are already a PayPal user that is, otherwise it can take a bit more time if you have to sign up for PayPal. This might be a good idea anyway considering that these benefits transfer over to most other times when PayPal is offered as an option. If you are a user of another service like Skrill you do not have to worry, most brokers who offer PayPal support also offers support for Skrill and Neteller.
The Best Stock Brokers That Support PayPal
Will You Get Scammed Using PayPal To Trade Stocks?
Short answer, no. Slightly longer answer is that the likelihood of you getting scammed while using PayPal to trade stocks is minuscule. We would even go so far as to say that by using PayPal with a random broker you found online, the risk of any fraudulent mishaps is greatly decreased.
Here is the main reason why we would be confident in making that statement. PayPal is a very large publicly traded company, therefore, they would do everything in their power to hinder any pesky news articles from popping up with the title “Scammers stole millions using PayPal”. The simplest way they have to keep this from happening is to only work with well respected, legal companies. See it as a symbiotic relationship, PayPal protects its own market cap by protecting you, their customer.
So, if you do the mistake of doing a quick google search and choosing the first forex broker that you see without doing any additional research, it would be a benefit if they offer the use of PayPal. However, we would greatly advise against using this tactic to find a broker, because although PayPal only tries ties to partner with trusted brokers, mistakes can be made. The best thing to do is, therefore, to click on one of our favourite brokers in our top list higher up on this page. This saves you a lot of research time with finding reputable brokers while at the same time ensuring that they have the proper regulations. Of course, there are also several other things beyond PayPal support that you should look for while choosing your broker, all of which you can read about on our page of the best trading platforms.
How to Trade Stocks With PayPal
Now to finish this, we will explain the easy process of using PayPal to trade stocks. First, you need to find a broker that supports the use of PayPal. It is unlikely that you will find a traditional stockbroker that supports this as we mentioned earlier. Therefore you should look towards forex brokers and CFD brokers. Luckily for you, every broker in our list gives you this option, and you even have the possibility to trade forex, cryptocurrencies and commodities among other things if that is up your alley.
When you have found the broker of your choice, all you have to do is transfer the money from your PayPal account to the broker and you are ready to trade whatever thing you choose. That is if the broker supports it and you have done extensive research and training with demo accounts to develop your strategy, of course.